Legal & General Group Plc reduced its stake in AbbVie Inc (NYSE:ABBV) by 7.2% during the 2nd quarter, Holdings Channel reports. The firm owned 7,053,670 shares of the company’s stock after selling 548,337 shares during the period. Legal & General Group Plc’s holdings in AbbVie were worth $653,522,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Fairfield Bush & CO. bought a new position in AbbVie during the first quarter worth about $146,000. Centaurus Financial Inc. bought a new position in AbbVie during the first quarter worth about $153,000. First Mercantile Trust Co. bought a new position in AbbVie during the second quarter worth about $150,000. MUFG Securities EMEA plc bought a new position in AbbVie during the second quarter worth about $157,000. Finally, KHP Capital LLC bought a new position in AbbVie during the first quarter worth about $161,000. Institutional investors and hedge funds own 69.35% of the company’s stock.

NYSE:ABBV opened at $90.69 on Friday. The company has a debt-to-equity ratio of -9.06, a quick ratio of 0.71 and a current ratio of 0.80. The stock has a market capitalization of $143.22 billion, a P/E ratio of 16.19, a P/E/G ratio of 0.91 and a beta of 1.54. AbbVie Inc has a 52-week low of $85.24 and a 52-week high of $125.86.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. The business had revenue of $8.28 billion for the quarter, compared to the consensus estimate of $8.22 billion. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. AbbVie’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 earnings per share. On average, analysts anticipate that AbbVie Inc will post 7.86 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s dividend payout ratio is currently 68.57%.

Several analysts have issued reports on the company. Bank of America lifted their price target on AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. BMO Capital Markets reissued a “sell” rating and issued a $78.00 price target on shares of AbbVie in a research note on Wednesday, August 22nd. Credit Suisse Group raised AbbVie to a “hold” rating and set a $89.00 price target on the stock in a research note on Friday, July 13th. Jefferies Financial Group set a $100.00 price target on AbbVie and gave the company a “buy” rating in a research note on Sunday, July 15th. Finally, Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $107.21.

In related news, EVP Michael Severino sold 50,000 shares of AbbVie stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the sale, the executive vice president now owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.07% of the stock is currently owned by insiders.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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